Proton Bank reported a substantial increase in profits for the period January-September 2006, both at Group and at Bank level.
More specifically, net income for the Group during the period January 1st to September 30th 2006 amounted to Euro 26.61 mil., versus Euro 4,87 mil. for the same period in 2005.
Net income for the bank for the period January 1st to September 30th 2006 reached Euro 26.06 mil. versus Euro 4,83 mil. for the same period in 2005.
It should be noted that 9-month results for 2006 are not directly comparable with 9-month 2005 results, due to the merger of Proton Bank with three investment companies (Arrow, Exelixi and Eurodynamics), which was completed at the end of 2005. At any rate, 9-month 2006 results are satisfactory, as they reflect substantial increase, both at top and bottom line, with a balanced distribution of revenues.
It is also noted that the merger with Omega Bank was smoothly and successfully completed in September, as scheduled. The new entity covers the entire spectrum of commercial and investment banking products and services. It has a network of 18 branches, whereas five additional branches are expected to commence operations by year-end.